The first EagleEye microsatellite is slated to launch into orbit in Q4 2023. The leader of the consortium responsible for the delivery of this breakthrough project is Warsaw Stock Exchange-listed Creotech Instruments, Poland’s leading manufacturer of space systems and components. The company has just announced the selection of a contractor who will share responsibility for the project. Following a tender procedure, the contract was awarded to Germany’s Exolaunch with a bid value of EUR 641,400 net. Exolaunch is a service integrator for Elon Musk’s SpaceX. The aerospace giant’s Falcon 9 rocket will most likely be used to loft Creotech Instruments’ premier microsatellite to orbit. Creotech raised some of the funding for this space project through this June’s public offering, which generated approximately PLN 40m.
Creotech Instruments has been working on the 50 kg EagleEye observation satellite project based on its proprietary HyperSat platform since 2020. The platform supports a variety of missions, from technological and scientific, through observation and telecommunications, to deep space projects and is designed for satellites weighing from 10 to 60 kg.
“We currently have two missions based on our HyperSat platform in the works. The first will be EagleEye. I am proud that we are the leader of this pioneering endeavour. Our specialists are doing everything to ensure the EagleEye microsatellite is ready for launch in Q4 2023. This will mark a major milestone for us, our partners and the entire community following NewSpace events,” says Grzegorz Brona, PhD, President of the Management Board of Creotech Instruments S.A. “We completed yet another important step as we have just finalized the tender and selected a partner responsible for mananging the satellite launch process. Germany’s Exolaunch GMBH submitted the best proposal. According to the information provided by Exolaunch, the second partner of the project will most likely be the Space Exploration Technologies Corporation, more commonly known as SpaceX. The company operates Falcon 9 rockets, and one such launch vehicle will carry EagleEye to orbit around the Earth,” adds Grzegorz Brona.
Totalling EUR 641,400 net, the winning bid represents the largest single expenditure under the EagleEye satellite building program.
The EagleEye project is being developed as part of a program financed by the National Center for Research and Development. The platform will be equipped with an optical telescope. The Space Research Center of the Polish Academy of Sciences will deliver the computer subsystems and Scanway is developing the on-board optical telescope. The EagleEye project is managed to the quality requirements set by NASA, implemented by the European Space Agency and according to the European Cooperation for Space Standardization standards.
The project is funded, among others, using the proceeds from this year’s public offering, in which the company successfully raised PLN 39.65m. The issue of new shares covered a total of 396,558 series I shares, with the issue price set at PLN 100 per share. With investor demand exceeding the supply of stocks available under the issue, the Retail Investors Tranche saw a 40% reduction of subscriptions.
For many years now, Creotech Instruments has been pursuing numerous advanced technological projects for various clients, with the European Space Agency among them. The space market is a key segment for the company. In April 2022, Creotech Instruments completed the first phase of PIAST, a project which seeks to place observation satellites in Earth orbit in 2024. This undertaking aims to create in Poland the instruments of the national system of Earth observation satellites for the Polish Armed Forces. Recently, Creotech Instruments has also partnered with Malaysia’s University College TATI. The partners will work together to develop satellite and drone products tailored to the needs of the Southeast Asia region.